What does Reith Fund mean?

Reiss fund, referred to as REITs, is a kind of equity investment with the nature of creditor's rights. It is a standardized and tradable financial product that can be listed on the stock exchange. Rental income or value-added income from real estate sales is its main source, and the cycle is usually 8~ 10 years. The operation mode of REITs is to provide funds and set up asset management companies or management teams to conduct investment operations, and then distribute most of the proceeds to investors.

1. According to whether the fund unit can be increased or redeemed, it can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), and the fund size is not fixed through subscription and redemption by banks, brokers and fund companies; Closed-end funds have a fixed term and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.

2. According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; It is established by fund managers, fund custodians and investors through fund contracts, and is usually called contractual funds. China's securities investment funds are all contractual funds.

3. According to the different investment risks and returns, it can be divided into growth funds, income funds and balanced funds.

4. According to different investors, it can be divided into bond funds, stock funds, money funds and mixed funds.

5. Open-end funds. Open-end fund (LOF) is called "audible open-end fund" or "open-end fund" in English, "ListedOpen-EndedFund" in Chinese and * * * mutual fund abroad. That is, after the issuance of listed open-end funds, investors can purchase and redeem fund shares at designated outlets or buy and sell funds on exchanges. However, investors who subscribe for fund shares at designated outlets must go through certain transfer custody procedures if they want to sell online; Similarly, if you want to redeem the fund shares purchased online at the designated outlets of the exchange, you must also go through certain transfer custody procedures. It is a fund with variable issuance amount, and the total number of fund shares (units) can be increased or decreased at any time. Investors can purchase or redeem at the business place designated by the fund manager according to the quotation of the fund. Compared with closed-end funds, open-end funds have the characteristics of unlimited issuance, net asset value as the transaction price and relatively small risk, which is especially suitable for small and medium-sized investors to invest.

6. Closed-end funds. Belonging to the trust fund, it refers to the investment fund whose scale has been determined before issuance, which is fixed within the specified period after issuance and traded in the securities market. Because closed-end funds are traded by bidding in securities trading, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the net asset value of funds, that is, the transaction price of closed-end funds has a premium and a discount compared with its net asset value. The practice of foreign closed-end funds shows that the transaction price of closed-end funds often has the price fluctuation law of first premium and then discount. Judging from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China can not be separated from the price fluctuation law of premium first and then discount.